5.45 Inventory Management Procedure [PDF]

OPERATIONS MANUAL. QM-051. Revision. 00. Section 5: Operating Procedures. Effective date: Page. 242. Title: Inventory Ma

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OPERATIONS MANUAL

QM-051

Section 5: Operating Procedures

Effective date:

Revision 00

Page 242

Title: Inventory Management

5.45

INVENTORY MANAGEMENT 5.45.1 OBJECTIVES 5.45.1.1

To conduct physical inventory of the Property, Plant & Equipment;

5.45.1.2

To verify that all inventoried items are in their respective location;

5.45.1.3

To determine the stock of the common office supplies.

and

5.45.2 SCOPE 5.45.2.1 This procedure defines the actions and responsibilities of Property Management in Inventory Management Procedure. This covers activities from conducting of Physical Inventory Counting pursuant to COA Rules to submitting of certified Inventory Report to COA and Accounting Services.

5.45.3 DEFINITION OF TERMS 5.45.3.1 ○ Property Card – it is an individual record of Property, Plant & Equipment that has its description, acquisition, transfer/disposal and other information about the asset. 5.45.3.2 Stock Card - A form that records the status and availability of common office supplies in the stockroom.

5.45.4 POLICY STATEMENTS 5.45.4.1 The following are the policies on Property, Plant & Equipment Inventory Management:

5.45.4.1.1

Conduct annual physical inventory of Property, Plant &

Equipment pursuant to COA Rules .

OPERATIONS MANUAL

QM-051

Section 5: Operating Procedures

Effective date:

Revision 00

Page 243

Title: Inventory Management 5.45.4.1.2

Prepare and update Inventory report to be reconciled

with the Accounting records. 5.45.4.1.3

Submit Inventory report certified by the Inventory

Committee to the COA and Accounting unit. 5.45.4.1.4

Determine which of the equipment are to be disposed.

Then proceed to proper disposal procedure pursuant to COA Rules and Regulations. 5.45.4.2 Management:

The following are the policies on Common Office Supplies Inventory

5.45.4.2.1

Conduct physical inventory of Common Office Supplies

every semester pursuant to COA Rules . 5.45.4.2.2

Prepare and update Inventory report to be reconciled

with the Accounting records. 5.45.4.2.3

Submit Inventory report certified by the Inventory

Committee to the COA and Accounting unit. 5.45.4.2.4

Determine which of the stocks are to be disposed then

proceed t proper disposal procedure pursuant to COA Rules and Regulations. 5.45.4.2.5

Determine which of the stock levels

are low then

proceed to the procuring procedure pursuant to the Provision on the Revised Implementing Rules and Regulations (IRR) of the Republic Act 9184.

OPERATIONS MANUAL

QM-051

Section 5: Operating Procedures

Effective date:

Revision 00

Page 244

Title: Inventory Management 5.45.5 PROCEDURE DETAILS RESPONSIBLE

ACTIVITY

INTERFACE

Start Inventory Committee, Property Management

Conduct Physical Inventory Counting pursuant to COA Rules

NSSV

Determine which of the stocks are to be disposed

Staff

Staff

Refer to Property Disposal Procedure

Staff

Determine which Supply Levels are low

NSSV

Refer to Purchasing Services Process

Staff

Prepare and update Inventory Report

NSSV

Staff

Reconcile with Accounting Records

NSSV

NSSV

Certify Inventory Report

Staff

Submit to COA and Accounting Services

OPERATIONS MANUAL

QM-051

Section 5: Operating Procedures

Effective date:

Title: Inventory Management 5.45.6 REFERENCES AND RECORDS

5.45.6.1

Property Card

5.45.6.2

Stock Card

5.45.6.3

Inventory Report

5.45.6.4

Accounting Records

Revision 00

Page 245

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